Date: Thu, Nov 07, 2024, 12:25 PM GMT
As Bitcoin (BTC) hits a new all-time high of $76,000 following Donald Trump’s election victory and his public support for cryptocurrencies, bullish momentum has surged across the crypto market. This positive sentiment has led to rallies in several major altcoins, particularly in decentralized autonomous organization (DAO) tokens like Aave (AAVE) and Lido DAO (LDO).
Source: Coinmarketcap
These two tokens have experienced significant price jumps, breaking critical resistance levels and signaling potential for further gains.
Aave (AAVE)
Current Price: $185.81
Key Breakout Level: $154.00
Next Resistance: $198.00
Aave’s recent price action shows a strong breakout above the $154 resistance, which was a crucial level within a descending wedge pattern. This pattern often indicates potential for a reversal, and Aave’s successful breakout signals a shift in trend. The move has driven $AAVE above $185, positioning it to potentially test the $198 resistance level next. A breakout beyond $198 could signal further bullish momentum, opening the path for the token to approach higher resistance zones.
Lido DAO (LDO)
Current Price: $1.33
Key Breakout Level: $1.19
Immediate Resistance Zone: $1.30 to $1.38
Next Potential Targets: $1.60 and $1.94
Lido DAO’s token has similarly broken above a critical level, with $1.19 serving as the breakout point within a descending channel. LDO’s price is now hovering at the next resistance zone around $1.33 to $1.38. Should $LDO manage to break decisively above $1.38, it could target further resistance at $1.60 and potentially $1.94, marking a substantial 45% upside from current levels.
What’s Ahead?
Both AAVE and LDO have entered bullish territory, breaking out from long-standing downtrends. This, combined with favorable macro sentiment following Bitcoin’s new high, suggests these DAO tokens could continue their upward trajectories in the near term. However, traders should watch for potential consolidation or pullbacks as tokens approach resistance levels, especially given the current high RSI readings. These periods can offer additional buying opportunities on retests.
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As always, do your own research and approach trades with caution. While these breakouts signal positive sentiment, volatility in the crypto market remains high, especially in altcoins.
